Brexit Sends Jitters Across UK

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What has Britain gotten itself into, with its referendum on whether to continue in European Union or not, referred to as Brexit? It seems not many within Britain imagined the kind of uncertainty that has gripped the country since the countrywide Referendum was held. The decision can have major socio – economic ramifications for the UK and the there is extreme uncertainty within UL since the result came out.

It seems an increasing number of people have begun to regret their decision since the result of #Brexit came out. More than 3 million people have already signed on a petition seeking a repeat of the referendum held on Thursday. Never before has a petition seeking a Referendum gathered so much support. Infact, the Parliament’s Website on which the petition was posted crashed owing to the heavy traffic for a single petition.

One of the arguments put forth in support of holding the Referendum again is that the difference between those who voted to ‘Leave’ and those who voted to ‘Remain’ is not much. In fact, around 17.41 million voters or 51.9% voters voted in favour of moving away from the European Union fold whereas around 16.14 million voters or 48.1% voted in favour of staying in EU. The turnout for the referendum was around 72%, the highest turnout in UK wide voting since 1992.

Also, voices have begun emerged from within the Scotland and Northern Ireland, both of whom voted to ‘Remain’ within the EU. As many as 62% in Scotland opted for the Remain option where 55.8% in Northern Ireland opted for the same.

The actual process of UK’s exit can begin only after it invokes Article 50 of the Lisbon Treaty. David Cameron, the Conservative Party leader, or his successor may do so. Cameron has already stated that a new Prime Minister will be there. However, given the kind of turmoil the nation finds itself in, it may want to delay considering doing so for atleast some more time.

Cameron had been a votary for UK staying within the EU fold. However, the campaign of The UK Independence Party ( UKIP ), which advocated for the Britain’s movement away from EU, seems to have clearly won. Those in favour of the move argued that Britain’s stay in EU was weighing heavily on its financial resources without getting any substantial returns.  As per Treasury figures, the UK’s net contribution to EU was 8.8 billion pounds for 2014/15.

The Referendum, if followed by actual exit of Britain from the group of 28 nations that form the EU, can have major implications. Britain’s exit can free the country from following the rules set by the European Union Parliament. The UK currency, Pound, may have to heavily suffer. The UK may not be able to avail the benefits of single market any longer and free movement of goods may no longer be possible after its implementation. Secondly, free movement within Europe from UK may not happen without Visa. This could clearly hamper those UK citizens who till now enjoyed moving from one European Union nation to another without any Visa restrictions.

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